Insider Selling: Kinetik (NYSE:KNTK) Major Shareholder Sells $3,144,778.56 in Stock

Kinetik Holdings Inc. (NYSE:KNTK) major shareholder Isq Global Fund Ii Gp Llc sold 58,464 shares of Kinetik stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $53.79, for a total value of $3,144,778.56. Following the completion of the transaction, the insider owned 216,020 shares of the company’s stock, valued at approximately $11,619,715.80. The trade was a 21.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Isq Global Fund Ii Gp Llc also recently made the following trade(s):

• On Tuesday, October 6th, Isq Global Fund Ii Gp Llc sold 94,570 shares of Kinetik stock. The stock was sold at an average price of $54.00, for a total value of $5,106,780.00.
• On Monday, October 5th, Isq Global Fund Ii Gp Llc sold 15,088 shares of Kinetik stock. The stock was sold at an average price of $53.53, for a total value of $807,660.64.
• On Wednesday, September 23rd, Isq Global Fund Ii Gp Llc sold 24,194 shares of Kinetik stock. The shares were sold at an average price of $53.55, for a total value of $1,295,588.70.
• On Tuesday, September 22nd, Isq Global Fund Ii Gp Llc sold 39,937 shares of Kinetik stock. The stock was sold at an average price of $53.72, for a total value of $2,145,415.64.
• On Monday, September 21st, Isq Global Fund Ii Gp Llc sold 21,511 shares of Kinetik stock. The stock was sold at an average price of $53.59, for a total value of $1,152,774.49.
• On Friday, September 18th, Isq Global Fund Ii Gp Llc sold 135,084 shares of Kinetik stock. The stock was sold at an average price of $54.25, for a total value of $7,328,307.00.
• On Thursday, September 17th, Isq Global Fund Ii Gp Llc sold 108,977 shares of Kinetik stock. The shares were sold at an average price of $53.84, for a total value of $5,867,321.68.
• On Wednesday, September 16th, Isq Global Fund Ii Gp Llc sold 8,772 shares of Kinetik stock. The shares were sold at an average price of $55.06, for a total transaction of $482,986.32.
• On Tuesday, September 15th, Isq Global Fund Ii Gp Llc sold 4,686 shares of Kinetik stock. The stock was sold at an average price of $55.11, for a total transaction of $258,245.46.
• On Monday, September 14th, Isq Global Fund Ii Gp Llc sold 1,025 shares of Kinetik stock. The stock was sold at an average price of $55.15, for a total transaction of $56,528.75.

Kinetik Price Performance

Shares of KNTK stock traded down $0.35 during trading hours on Wednesday, reaching $53.60. The stock had a trading volume of 1,385,686 shares, compared to its average volume of 1,186,384. The firm has a market capitalization of $8.70 billion, a PE ratio of 19.42, a price-to-earnings-growth ratio of 1.31 and a beta of 0.61. The firm has a 50-day simple moving average of $52.82 and a 200-day simple moving average of $49.73. Kinetik Holdings Inc. has a twelve month low of $31.33 and a twelve month high of $56.92.

Kinetik (NYSE:KNTK) last posted its earnings results on Wednesday, August 5th. The company reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.19 by $0.45. Kinetik had a net margin of 26.19% and a negative return on equity of 38.96%. The firm had revenue of $581.44 million during the quarter, compared to analyst estimates of $421.48 million. During the same period in the previous year, the business posted $0.33 EPS. Kinetik’s revenue was up 36.3% on a year-over-year basis. On average, equities analysts anticipate that Kinetik Holdings Inc. will post 1.3 earnings per share for the current year.

Hedge Funds Weigh In On Kinetik

Several hedge funds have recently modified their holdings of KNTK. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT raised its stake in shares of Kinetik by 1.7% in the 1st quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT now owns 1,874,000 shares of the company’s stock worth $90,720,000 after buying an additional 30,600 shares in the last quarter. Cohen & Steers Inc. boosted its stake in Kinetik by 82.5% during the fourth quarter. Cohen & Steers Inc. now owns 1,843,506 shares of the company’s stock valued at $66,458,000 after buying an additional 833,224 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Kinetik by 1.3% during the first quarter. Dimensional Fund Advisors LP now owns 687,553 shares of the company’s stock valued at $33,285,000 after buying an additional 8,513 shares in the last quarter. SIR Capital Management L.P. grew its holdings in Kinetik by 195.1% during the fourth quarter. SIR Capital Management L.P. now owns 672,090 shares of the company’s stock worth $24,229,000 after acquiring an additional 444,368 shares during the period. Finally, NEOS Investment Management LLC grew its holdings in Kinetik by 30.9% during the second quarter. NEOS Investment Management LLC now owns 392,128 shares of the company’s stock worth $18,955,000 after acquiring an additional 92,637 shares during the period. 21.11% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Raymond James Financial reissued an “outperform” rating and issued a $55.00 price objective on shares of Kinetik in a report on Friday, August 7th. Wells Fargo & Company reissued an “overweight” rating and issued a $54.00 price target on shares of Kinetik in a research note on Monday, August 10th. Citigroup reissued a “buy” rating and set a $55.00 price target (up from $52.00) on shares of Kinetik in a report on Tuesday, August 11th. Zacks Research upgraded shares of Kinetik from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 23rd. Finally, Clear Str downgraded shares of Kinetik from a “strong-buy” rating to a “hold” rating in a report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

About Kinetik

Kinetik Holdings Inc (NYSE: KNTK) is a midstream energy company that provides infrastructure and logistics services for natural gas, natural gas liquids (NGLs), crude oil and produced water. The company primarily serves producers operating in the Delaware Basin, a major oil and gas-producing region within the Permian Basin of West Texas and southeastern New Mexico.

Kinetik’s operations include natural gas gathering, compression, processing and transportation, as well as NGL transportation and pipeline logistics.